April 29, 2013

US to Pay Down Debt for First Time Since 2007

Source: Bloomberg

The U.S. Treasury Department (USGG10YR) projected it will reduce government debt this quarter for the first time in six years as tax receipts exceed forecasts and spending diminishes.

The pay-down in net marketable debt was estimated at $35 billion in the April-June period, compared with a projection three months ago for net borrowing of $103 billion, the department said in a statement today in Washington.